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OSC Issues Temporary Cease Trade Order Against ASL Direct Inc.

TORONTO, May 2 /CNW/ - On May 1, 2008, the Ontario Securities Commission
(OSC) issued a Temporary Cease Trade Order against ASL Direct Inc. (ASL). ASL
is registered with the Commission as a Mutual Fund Dealer and a Limited Market
Dealer, and is a member of the Mutual Fund Dealers Association of Canada
(MFDA).
Staff of the Commission are investigating the conduct of ASL and are
concerned that it may have participated in the distribution of securities in
the Future Growth Group of Funds without a prospectus and without an exemption
to the requirement for a prospectus. In addition, ASL may have failed to
comply with its obligations as a registrant contrary to Ontario securities
law.
On April 22, 2008, the OSC also issued a Temporary Cease Trade Order
respecting the principal of ASL, Adrian Leemhuis (Leemhuis), and the Future
Growth Group of Funds. The orders were obtained in the course of
investigations conducted by staff of the OSC, the Autorité des marchés
financiers (Québec) and the MFDA.
Clients of ASL who may have questions concerning their investments
through ASL should direct their enquiries to the MFDA at 1-888-466-6332.
Copies of the Temporary Cease Trade Order dated May 1, 2008 respecting
ASL and the Temporary Cease Trade Order respecting Leemhuis are available on
the OSC's website (www.osc.gov.on.ca).